I was running a trading firm by name Wintech Medica as a partnership firm. We got a CC and term loan from SBI to the tune of 43 lakhs after giving my house as security. The Company ran into lots of financial and other problems and finally had to close down. All partners went in different way. The account became NPA in 2009. At that time the Bank had shown a total outstanding around 40 Lakhs.
Eventually my house was auctioned by the Bank for 27.5 lakhs in the year 2011. Since the I had moved on with my life with great difficulty. This year only I have got a steady job. But suddenly I have received a Demand Notice from DRT Chennai stating that I have to pay outstanding amount of 36.5lakhs and recovery certificate has been issued.
I don't know what to do. I do not have any assets now neither do the partners. We don't have any money to pay now. I just want to know what would be worst scenario and what can be done now.
We didn't receive any notice or order from the Tribunal or the bank before this notice/recovery certificate came few days back. I have been asked to be present before the Recovery Officer on 11.05.2016. Please advice me what can be done or do we just ignore it.
Asked 8 years ago in Property Law
Religion: Hindu